Troubled financial services and sub-prime mortgage lender Cattles has axed six senior directors - including its finance director - on the back of a three-month inquiry into a breakdown in internal controls. The breakdown was a result of incorrect application of the group's impairment policies. In addition to firing finance director James Corr and five others, treasury and risk director Mark Collins is also leaving the company with immediate effect following the inquiry. Cattles said that none of the departing executives will receive any compensation for loss of office. The review of the internal controls, commissioned by Cattles' audit committee, was conducted by Freshfields Bruckhaus Deringer and Deloitte. Other employees still with the company are also expected to face disciplinary action, Cattles said. Margaret Young, currently a non-executive director and chairman of the audit committee, has been appointed executive chairman. Acting interim finance director Jamie Smith is set to continue in his role, following his appointment in April, while a new executive team is found. Cattles is now in discussions with debt providers to obtain a standstill agreement.